Awareness of cryptocurrency in the UK is growing, with recent data showing an increase from 91% to 93%, according to a report from the Financial Conduct Authority (FCA).
The average value of crypto held by individuals also grew from £1,595 to £1,842. Notably, the most common source of information for those who had never bought crypto was family and friends, and only 1 in 10 respondents said they purchased without doing any research, according to the press release.
Despite this growth, the FCA warns that cryptocurrencies remain largely unregulated in the UK and pose significant risks. While one-third of respondents believe they could file a complaint with the FCA if something goes wrong, the FCA emphasized that consumers may not be protected if they lose money. They urged consumers to be prepared for the possibility of a total loss.
The FCA’s research comes as the regulatory body outlines its approach to crypto regulation. A newly published roadmap offers critical dates for developing the UK’s crypto regime, which will be shaped through focused consultations to ensure transparency and flexibility.
Matthew Long, the FCA’s director of payments and digital assets, emphasized the need for precise regulation to foster a safe, competitive, and sustainable crypto sector. He added that the FCA is committed to working closely with the government, industry, and international partners to shape the future of crypto regulation in the UK.
This news comes on the heels of criticisms surrounding the FCA’s strict registration requirements for cryptocurrency firms. Val Smith, Head of Payments and Digital Assets at the FCA, defended these high standards as crucial for a reliable digital asset industry, comparing poorly regulated innovations to “houses built on sand.” She emphasized the FCA’s collaboration with government, industry, and global partners to foster a trustworthy crypto environment despite the sector’s evolving nature.
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